Valued at 14.2 billion yuan, the DPU manufacturer that Tencent has placed a heavy bet on is sprinting for its IPO.

The "first domestic DPU stock" is coming.

On September 18, Shenzhen Yunbao Intelligent Co., Ltd. (hereinafter referred to as Yunbao Intelligent), a domestic DPU manufacturer, updated its GEM IPO prospectus, planning to raise 3.035 billion yuan for the R&D and industrialization project of new-generation full-featured DPU, the R&D and industrialization project of new-generation AI DPU, and the next-generation high-performance DPU core technology R&D project.

The IPO process shows that on December 31, 2025, Yunbao Intelligent's listing counseling filing was accepted by the Shenzhen Securities Regulatory Bureau; in June 2026, it was accepted by the Shenzhen Stock Exchange, and in July it entered the "inquired" status.

It is worth noting that in April 2026, the ChiNext Board officially added the fourth set of listing standards, which does not set profit requirements, and is specially adapted for emerging industry and future industry enterprises with large upfront investment, low initial revenue but rapid value growth. Yunbao Intelligent is exactly the first DPU chip enterprise to submit an application under the fourth set of listing standards of the ChiNext Board.

Xiao Qiyang, founder of Yunbao Intelligent, was born in Hong Kong, China, and later went to the United States to pursue his studies. At the age of 24, he obtained a doctorate in electronic engineering from Stanford University. After graduation, he served as a visiting associate professor at the Massachusetts Institute of Technology (MIT) and founded the Automatic Identification Research Center, focusing on the research fields of network and distributed computing for a long time.

Xiao Qiyang is a serial entrepreneur who once founded RMI in Silicon Valley. It is reported that RMI is a well-known chip company that develops multi-core processors, whose chips are widely and massively used by several of the largest domestic and foreign communication network equipment vendors in routers, wireless base stations, controllers, core networks, security equipment and smart network interface cards. In 2009, RMI merged with NetLogic, and two years later, Broadcom acquired NetLogic for 3.7 billion US dollars, which shocked the industry.

In 2019, Xiao Qiyang, who had long been financially free, prepared to start a business to tackle DPU chips. In August 2020, Yunbao Intelligent was officially established - a leading semiconductor company focusing on cloud computing and data center data processor chips (DPU) and solutions.

However, two months after the establishment of Yunbao Intelligent, at NVIDIA's GTC 2020 Fall Conference in October of that year, NVIDIA launched a new type of processor named DPU and formulated relevant development plans. At the GTC 2021 conference, NVIDIA announced the "three-core" strategy of "GPU + CPU + DPU".

DPU was bet on by giants, but Yunbao Intelligent, as a start-up, did not choose to compromise. Soon, in order to meet the new needs of cloud computing technology, Yunbao Intelligent launched China's first high-performance cloud-native DPU SoC chip and solution.

Shortly after its establishment, Yunbao Intelligent obtained seed round financing supported by institutions such as Yuntu Capital, Hongzhuo Capital, Wuyuan Capital, Zhengxingu Capital, SMIC PE, and Huaye Tiancheng. After that, Yunbao Intelligent continued to receive capital injections, with well-known institutions behind it including Tencent, HSG, SZVC, Temasek, IDG, NIO and other famous institutions.

At the end of November 2025, Yunbao Intelligent completed the latest round of financing, with participants including Tongchuang Weiye, Oriental Fortune Capital, Jigsaw Capital, IDG Capital, Tencent, etc. At this time, its valuation reached 14.273 billion yuan.

Before the IPO, the actual controllers of Yunbao Intelligent, Xiao Qiyang and Zhang Xueli, jointly held 7.1520% of the company's shares directly, and indirectly controlled 22.6588% of the voting rights of the company through two shareholding platforms, Yunbao Chuangxin and Yunbao Chuangzhi.

In addition, Tencent jointly holds 19.7792% of the equity of Yunbao Intelligent through entities such as Shenzhen Tencent, Guangxi Tencent and Suzhou Paiyi, making it the largest shareholder of Yunbao Intelligent; Zhuhai Yitang holds 2.2956% of the shares; Bao'an Guidance Fund and Shenzhen Guidance Fund hold 2.2358% respectively; Hanchen Venture Capital holds 2.0853% of the shares.

Source: Yunbao Intelligent Prospectus

It is worth mentioning that Tencent is not only the "major shareholder" of Yunbao Intelligent, but also its "largest customer".

According to statistics of end customers, during 2023-2025 and the first half of 2026 (hereinafter referred to as the "reporting period"), the proportion of direct and indirect sales amount of Yunbao Intelligent to Tencent, its largest end customer, in the annual operating revenue was 0%, 93.16%, 95.22% and 97.86% respectively.

Up to now, as a data processor (DPU) chip design enterprise, Yunbao Intelligent focuses on the R&D, design and sales of DPU and related products, and takes the lead in achieving technological breakthrough and large-scale commercial application of 400Gbps high-performance full-featured DPU chips. The company's DPU innovatively realizes general-purpose programmability, and can provide one-stop solutions including elastic network and storage, virtualization, security and low-latency RDMA and other functions.

The prospectus shows that as a key network base supporting the development of artificial intelligence and digital economy industries, Yunbao Intelligent's DPU undertakes core responsibilities such as low-latency transmission, storage, data management and control, AI acceleration and security, and is widely used in key strategic fields such as AI intelligent computing, cloud computing, storage, communication, network security and edge computing.

According to the Frost & Sullivan report, based on 2025 revenue statistics, Yunbao Intelligent ranks first among domestic independent vendors in China's full-featured DPU market.

During the reporting period, Yunbao Intelligent's revenue was about 173,200 yuan, 36.3557 million yuan, 370 million yuan and 940 million yuan respectively; its net loss was about 667 million yuan, 610 million yuan, 1.189 billion yuan and 235 million yuan respectively; its non-recurring profit and loss deducted net loss attributable to shareholders was about 673 million yuan, 620 million yuan, 562 million yuan and 222 million yuan respectively.

Source: Yunbao Intelligent Prospectus

Yunbao Intelligent estimates that its revenue in the first 9 months of 2026 will be 1.45 billion to 1.55 billion yuan, an increase of 907.80%-977.31% compared with about 144 million yuan in the same period of the previous year; the estimated net loss will be 320 million to 360 million yuan, narrowing by 66.11% to 69.88% compared with the net loss of about 1.062 billion yuan in the same period of the previous year; the estimated non-recurring profit and loss deducted net loss attributable to shareholders will be 310 million to 350 million yuan, narrowing by 18.64%-27.94% compared with about 430 million yuan in the same period of the previous year.

Yunbao Intelligent stated that the growth of revenue and the narrowing of net loss are mainly benefited from the rapid growth of domestic demand for computing power infrastructure construction, downstream customers accelerating the deployment of computing power clusters, the company's DPU products being widely recognized by customers, the rapid increase of product shipments, and the operating revenue will achieve rapid growth, driving the company's losses to continue to narrow.

This article is from the WeChat official account "Direct to IPO", author: Wang Fei, published with authorization from 36Kr.